• President Trump confirms that the Chinese trade deal is not dead
• Coronavirus continue to spread across the US
• Apple (AAPL.US) stock jumped over 1.6%
US indices launched today's session higher. Early Tuesday stock futures dropped after White House trade advisor Peter Navarro said the China trade deal was over when answering a long question from Fox News. Later Navarro clarified in a statement. “My comments have been taken wildly out of context.” “They had nothing at all to do with the Phase I trade deal, which continues in place.” President Donald Trump also confirmed via Tweeter that the existing trade deal is fully intact. Meanwhile, United States saw a 25% increase in new cases of COVID-19 in the week ended June 21 compared to the previous seven days, with Arizona, Florida and Texas experiencing record surges in new infections, according to Reuters. Texas Governor Greg Abbott declared the COVID-19 is spreading at an unacceptable rate, warning that additional measures are going to be necessary to contain the spread of the virus.
On the data front, IHS Markit Flash US Manufacturing PMI rose to 49.6 in June from 39.8 in May, above analysts expectations of 48, pointing to a small contraction in factory activity although it was the smallest in three months as businesses began to reopen on a larger scale after the coronavirus lockdown. Meantime IHS/Markit US Services PMI increased to 46.7 on June 2020 from 37.5 in May above market forecasts of 46.5, a flash estimate showed. The latest reading pointed to the weakest contraction in services activities in four months.
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S&P 500 (US500) managed to break above 3119.7 pts zone. Should upbeat moods prevail, resistance at 3172.9 may come into play. Source: xStation5
Apple (AAPL.US) stock rose 1.6% in pre-market trading after company confirmed that will use its own ARM-based processors in its Mac laptop and desktop computers. Tech-giant stock hit an all-time high yesterday, however Goldman Sachs (GS.US) keeps a sell rating on the company shares, saying “as we continue further into the Covid-related recession we believe that Apple's expensive products are likely to see substantially weaker demand than consensus expects.”
Apple (AAPL.US) stock recently hit an all-time high. If market sentiment changes then local support is located at $344.80 per share. In case downward impulse accelerate, then support at $ 327.75 per share may be at risk. Source: xStation5
IHS Markit (INFO.US) reported its quarterly results. Company earned 69 cents per share, 2 cents a share above analysts’ expectations. Revenue came in slightly below estimates as organic revenue fell 7%. The financial information and analytics provider said the quarter was “challenging” due to the coronavirus however it expects rising profit and earnings in the upcoming months and next year.
T-Mobile (TMUS.US) stock fell 1% in extended trading after news that SoftBank will sell about 198 million shares of the telecommunication company worth about $21 billion. The sale represents around 65% of SoftBank’s stake in T-Mobile.
Carnival Cruise (CCL.US) shares 1% after the closing bell. Carnival announced yesterday via Tweeter that it is canceling all cruises until Sep. 30, going beyond the suspension agreed upon by other cruise operators. The Cruise Lines International Association announced last week that other companies, including Norwegian Cruise Line and Royal Caribbean Cruises, have voluntarily extended their suspension of cruises out of U.S. ports through Sep. 15.
Spotify (SPOT.US) stocks gained approximately 1% in extended trading after Comcast informed that Spotify will be available on its Xfinity cable service, which wil allow clients to stream music and podcasts directly onto their TVs.
Nikola (NKLA.US) shares fell 1% after market close. JPMorgan believes that company stock will lost approximately a third of its value. The investment bank initiated Nikola as neutral and considers its stock as almost fully valued. Yesterday company shares hit a new 52-week high.
Spirit AeroSystems (SPR.US) is asking its lenders for financial relief, as the ongoing pandemic caused production halt for Boeing’s (BA.US) grounded 737 Max jet. Spirit is Boeing’s main supplier.
Intuit (INTU.US) - financial software company laid off 715 employees, and announced it is changing its technology and sales strategies. Redundant employees will receive a minimum of four weeks salary and two additional weeks for every year of service.
ViacomCBS (VIAC.US) new “SpongeBob” movie will debut on digital platforms in early 2021, bypassing movie theaters. “The SpongeBob Movie: Sponge On The Run” will be available via pay-per-view, and then move exclusively to the company’s CBS All Access streaming service.
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